Introduction to Augmented Analytics
Understanding augmented analytics and how it helps in effective business decision making
In this era where data analytics plays a huge part in making business decisions for enterprises across the world, augmented analytics further helps and refines decision making of any enterprise. Before we delve further into the topic, we need to answer a few questions regarding augmented analytics, such as, what is augmented analytics or how does it benefit a business enterprise and its advantages.
What is augment analytics?
Augmented analytics is the use of Machine Learning (ML) and Natural Language Processing (NLP) to strengthen data analytics and also enable data sharing. Because this is an advanced form of data presentation and manipulation, it simplifies data and gives clear results. Augmented analytics also provides access to advanced tools so that business owners can make their daily decisions with confidence.
Why an enterprise needs augmented analytics?
- Augmented analytics allow the data scientists and IT companies to give their undivided attention to strategic issues and special projects.
- Another reason why any enterprise should use augmented analytics is because it helps in improving accountability and empowerment as accessible augmented analytics creates Citizen Data Scientists.
- Development in smart data discovery and other sophisticated techniques and solutions can impact Return on Investment (ROI) and the Total Cost of Ownership (TCO).
- Augmented analytics assist in coming up with solutions which help in making better decisions, more detailed business predictions and quantifiable analysis of product and service offerings, pricing, financials, production and other features of a business.
- Another feature which is really helpful and aids in business growth is the fact that the Augmented Data Preparation and other related tools help in improving user adoption, data popularity and data literacy.
Benefits of Augmented analytics
There are numerous benefits of augmented analytics. Once an enterprise applies augmented analytics it has the ability to not only empower the businesses but it also holds them accountable for their decisions. With the help of augmented analytics, businesses or enterprises can forecast business opportunities with more confidence. It also helps in making timely and accurate business decisions that are reliable. Businesses and enterprises can identify opportunities; solve problems and share data with everyone in the organisation to ensure that everyone is working with the latest or the same data.
Primary beneficiaries of augmented analytics are the business users and data scientists.
Benefits for business users
- Support for day-to-day business decisions
- Detailed insight , perspective and analysis
- Quick hypothesis and prototyping
- Improved flexibility for business development
- Timely and accurate decision-making
Benefits for data scientists
- Reduction in daily requests
- Ability to focus on strategic projects
- Ability to achieve mature modeling goals
Augmented analytics has the ability to change how business decisions are made. With its advanced features correct decision making is not as difficult as it sounds.